John Paul Stevens,
Massachusetts v. Morash — Opinion of the Court
“ Employees who are beneficiaries of such a trust face far different risks and have far greater need for the reporting and disclosure requirements that the federal law imposes than those whose vacation benefits come from the same fund from which they receive their paychecks. It is sufficient for this case that the Secretary's determination that a single employer's administration of a vacatio pay policy from its general assets does not possess the characteristics of a welfare benefit plan constitutes a reasonable construction of the statute. ”
